Shares of Vodafone Idea tanked 15 percent while Bharti Airtel slipped over three percent after the Department of Telecom (DoT) said companies will have to pay their Adjusted Gross Revenue (AGR) dues of roughly Rs 92,000 crore in three months as ordered by the Supreme Court (SC).
At 9:18 am, the share price of Vodafone Idea was trading 8.11 percent lower to Rs 3.40 per share while Bharti Airtel and Bharti Infratel were trading 2.94 percent and 6.05 percent respectively.
In intraday, the stock price of Vodafone Idea tanked 15 percent at Rs 3.15 per share on the NSE. Meanwhile, Bharti Infratel's shares plunged 6.88 percent at Rs 202.70.
The DoT has given an option to telecom operators to clear all the dues on self-assessment.
Last month, the telecom operators received a setback as the SC rejected their definition of AGR. The apex court said, "We give three months' time to deposit the amount, which is due and compliance be reported."
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According to an internal estimate prepared by the DoT, total dues on the telecom service providers arising out of SC order are around Rs 1.33 lakh crore.
As per DoT's estimate, the liability of Bharti Airtel Group is Rs 62,187.73 crore, Vodafone Idea Rs 54,183.9 crore and BSNL and MTNL Rs 10,675.18 crore.
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First Published: IST